Buhari seeks approval for fresh $4 billion and €710 million loans from the Senate

buhari seeks approval for fresh $4 billion and €710 million loans from the senate
buhari seeks approval for fresh $4 billion and €710 million loans from the senate

President Muhammadu Buhari has requested that the Senate approve loans of $4 billion and €710 million.


The letter was addressed to Senate President Ahmad Lawan, and read in plenary on Tuesday.

Buhari said the proposed loan would be financed with loans from the World Bank, French Development Agency, EXIM Bank, and IFAD.
According to him, this loan will allow the Federal Government to fund critical infrastructure projects in various sectors.

The letter reads as follows:

 “I write on the above subject and submit the attached addendum to the proposed 2018-2020 external rolling borrowing plan for the consideration and concurrent approval of the Senate for the same to become effective.

“The distinguished Senate President may recall that we submitted a request on 2018-2020 borrowing plan for the approval of the Senate in May 2021.

“However, in view of other emerging needs and to ensure that all critical projects approved by FEC as of June 2021 are incorporated, I hereby forward an addendum to the proposed borrowing plan.

“The projects listed in the external borrowing plan are to be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD in the total sum of $4,054,476,863 and €710 million and grant components of $125 million.”
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